IMS Payments - ECS Fin’s Enterprise Payment Hub

Overview

IMS Payments is a well-organized transaction processing system that can manage and control the entire range of payments, messaging and connectivity.

More than a Payment Hub, it includes cash management, reconciliation, statement management, compliance check, data governance and reporting. It supersedes the roles of Payment Hubs, Platforms, Frameworks and Gateways combined.

Who will benefit

Banks

Banks need to move money for its customers as well as for itself. Its ability to move money through as many channels as possible is important to ensure that it can take care of the needs of its current customers and attract more customers who may want to have the various options for making each type of payment.

Central Banks

Central banks need to have secured and well sophisticated payment processing applications that can process the requests coming from all its member banks. The central bank payment processing service should be able to channel the requests between the various type of payments like ACH, Real-time ACH, RTGS, Direct Debit, etc. and use the appropriate module to further validate, accept and process the requests.

Other Financial Institutions

Financial intermediaries may participate in the payment cycle by taking roles as intermediary or correspondent. They should be able to take requests from payment initiators and make necessary debit/credit activities as instructed by authorized parties, and update the counterparties for further processing of the payment instruction.

Corporates

Corporates prefer to send multiple payment instructions to one or more banks in files or messaging services. IMS Payments can intercept such data from various source systems of the corporates, categorize them, validate them according to their destination and transmit them in the format and protocol preferred by the receiving bank.